This bill provides that, for tax years beginning on or after January 1, 2026, for resident individuals who are 65 years of age and older filing individually or as a married individual filing jointly, with an annual income of $36,000 or less, indexed for inflation, the property tax fairness credit is equal to the amount by which the benefit base for the resident individual exceeds 3% of the resident individual's annual income. In the case of married individuals filing jointly, only one spouse is required to be 65 years of age or older to qualify for the tax credit. The amendment does not eliminate the property tax fairness credit available under current law.

Statutes affected:
Bill Text LD 715, HP 454: 36.5219, 36.5403